CONTAINERSHIP charter rate rises seen recently have lost some of their momentum owing to a surge in redeliveries of extra ships.

These were chartered as extra sailers to keep cargo flowing out of Asia while ships were waiting at anchor to discharge cargo on the US west coast. 

These extra sailers were chartered for one or two transpacific round trips. Hence, the number of Panamax vessels in spot position, or about to come open, has climbed.

There is also an overhang of spot tonnage in the 5,500 to 6,500-TEU postpanamax segments, even after a number were taken by Maersk for short-term transpacific deployments, reported Newark's Journal of Commerce.

The six-month extension of the 6,656-TEU Cardiff for an Asia-Mediterranean service at US$20,000 per day by Cosco could have signalled a somewhat firmer tone.

But at the same time, Pacific International Lines (PIL) was rumoured to have secured the 6,500-TEU HS Rome for four to six months at $18,000 a day.

Period rates for cellular tonnage between 1,100 and 4,250 TEU rose just 0.9 per cent during the week of April 27. The two previous weeks had seen market improvements of 3.4 and 5.5 per cent.

The rate of increases has slowed down significantly in the small to medium-sized vessel range and turned negative for panamax ships, which had been the driving force for the recovery up until March.

Owners of 5,000-TEU ships are still in a comfortable position, with rate levels holding steady in the mid- to upper- $15,000 level compared with rate levels of more than $16,000 a day during March.

By contrast, 4,200- to 4,400-TEU ships find it more challenging to defend last-done levels, especially off spot positions. 

However, some of them still managed to secure $14,000 a day or higher, such as the 4,255-TEU Corinthiakos, which fixed an eight- to ten-month period at $14,800 a day net with Hapag-Lloyd.

However, others had to contend with levels in the $13,000 region for short periods.

Meanwhile, the gearless 2,700- to 2,800-TEU segment has seen a standoff between owners and charterers, where rate levels have stagnated at a figure of about $14,000 a day.